AUD/USD rebounds into 0.6350

The AUD/USD is stepping up on broad Greenback weakness on Monday.
This week has a rolling table of PMI and CPI inflation figures.
AUD strength still leans heavily on broad-market Dollar Index weakness.

Joshua Gibson FXStreet

The Australian Dollar (AUD) caught a bounce from 0.6300 against the US Dollar (USD) in Monday's trading, rallying into 0.6350. The AUD/USD opened up the trading week near 0.6314, sagging into 0.6288 before catching a bid on broad-market Greenback weakness.

AUD/USD to drift higher over coming year, reaching 0.73 by end-2024 – NAB

Late Monday at 22:00 GMT sees Australian Purchasing Manager Index (PMI) numbers as the Pacific markets head into the early Tuesday trading window, but Aussie traders will be keeping their eyes turned forward, looking ahead to Wednesday's Australian Consumer Price Index (CPI) inflation print.

On Tuesday, the USD side sees US PMIs, and investors are broadly anticipating a mild downtick in the manufacturing and services components; US Manufacturing PMI is seen declining from 49.8, with the Services component likewise expected to decline from 50.1 to 49.9.

The annualized Australian Monthly Consumer Price Index (CPI) last printed at 5.2%, and markets are forecasting an uptick in CPI inflation on Wednesday, with the index expected to increase 5.4% for the year into September.

AUD/USD Technical Outlook

Despite Monday's bounce, the Aussie remains woefully bearish against the US Dollar in the near term, with the pair still trading below last week's highs and sticking close to eleven-month lows.

Technical resistance continues to press down on prices from a descending 50-day Simple Moving Average currently settling into the 0.6400 handle, with October's lows below 0.6300 serving as the only meaningful support for current price action.

AUD/USD Daily Chart

AUD/USD Technical Levels

AUD/USD

Overview
Today last price	0.6347
Today Daily Change	0.0033
Today Daily Change %	0.52
Today daily open	0.6314

Trends
Daily SMA20	0.6367
Daily SMA50	0.6406
Daily SMA100	0.6553
Daily SMA200	0.6654

Levels
Previous Daily High	0.6331
Previous Daily Low	0.6297
Previous Weekly High	0.6393
Previous Weekly Low	0.6296
Previous Monthly High	0.6522
Previous Monthly Low	0.6332
Daily Fibonacci 38.2%	0.631
Daily Fibonacci 61.8%	0.6318
Daily Pivot Point S1	0.6297
Daily Pivot Point S2	0.628
Daily Pivot Point S3	0.6264
Daily Pivot Point R1	0.6331
Daily Pivot Point R2	0.6348
Daily Pivot Point R3	0.6365

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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